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Weekly Recap 7.8.11

Some big gains for Gold and Silver occurred this week even though this trading week was abbreviated. Gold spot prices went up $62.00 per ounce for a gain of 4%; Silver spot prices ended up $3.00 per ounce increase for a gain of 8%.

Sovereign debt worries around the globe continue to be the dominant news story this week. Tuesday brought a downgrade of Portugal’s debt to a junk rating by Moody’s. Moody’s was the first ratings agency to move Portugal’s debt to less than investment grade. Reflecting the sentiment that the euro zone is nowhere near the end of the crisis, Robert Tipp of Prudential Fixed Income said, “[Portugal’s] ratings downgrade reminds markets that it’s not just Greece with debt issues. Once Greece gets wrapped up, you move on to the next country. …[T]hat will be the shape of things to come over the next year or two…” The value of the euro tumbled on the news of the downgrade.

The 1 ounce Gold Chinese Panda coin is the gem of the Chinese bullion program. The Gold Chinese Panda has been minted since 1982 and is considered one of the world’s most beautiful bullion coins. These coins may bear (no pun intended) a mintmark of S or Y. The S mintmark designates the coin was minted at the Shanghai Mint, while a Y mark denotes Shenyang as the coin’s origin. In an effort to maintain public interest in the Pandas, the Chinese change the obverse design each year (excluding 2002). Fortunately for the artists and customers alike, the Panda is a majestic and easily identifiable creature.

As worldwide demand for the Gold Panda grows, counterfeiting has become an issue. Interested investors should always purchase Chinese Gold Pandas from a reputable dealer (like APMEX) to ensure quality and authenticity.